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How to cash in a pension?

Would you be surprised as UK pension policy holder to hear that the most common pension question we are asked here at Pension Services is; ‘How to cash in my pension’? Many years ago this type of pension question was never even thought of. Unless you were aged 55 years of age then, yes, granted sometimes when you are at this age we would often get asked; ‘how to cash in a pension at 55’ but now our clients are simply seeking answers when they are under 55.  We hear a lot about companies letting staff go, or clients that are behind on their payments, bill, rent or any other kind of financial obligation and commitment. Hence why our clients are now looking and researching into how can your pension be cashing in?!

How to cash in a pension?

Would you be surprised as UK pension policy holder to hear that the most common pension question we are asked here at Pension Services is; ‘How to cash in my pension’? Many years ago this type of pension question was never even thought of. Unless you were aged 55 years of age then, yes, granted sometimes when you are at this age we would often get asked; ‘how to cash in a pension at 55’ but now our clients are simply seeking answers when they are under 55.  We hear a lot about companies letting staff go, or clients that are behind on their payments, bill, rent or any other kind of financial obligation and commitment. Hence why our clients are now looking and researching into how can your pension be cashing in?!

How to cash in your pension: The most common questions that are asked around this pension subject:

  • How to cash in a pension?

  • How to cash in your pension pot early?

  • How to cash in pension early?

  • How to cash in pension before 50?

  • How to cash in my or your pension?

  • I want to cash in my pension early?

As you can see all the questions listed above are all pretty much the same and we tend to offer the same type of answer ( as the question being asked is the same really ). We recently did a client survey and in our poll survey we asked the question; ‘Why do you want to cash in your pension early’? See the results below.

Pension survey results based on the question; why do you want to cash in your pension early?

  • I need to pay off bills or debt: 30%
  • I want to pay of a new holiday: 25%
  • I want to have my cash in the bank: 20%
  • I want to start a business: 10%
  • Other answers: 15%

The pension scammers:

We are now seeing an increase in pension scammers and pension liberation companies online and in the newspapers. The internet can be a great place for pension liberation companies to market the idea that you cash in your pension fund early. We are not saying for one minute that some of these pension sites are not illegitimate because you can cash in your pension early but you could find yourself paying a 55% tax bill. The only way you can avoid such a tax bill is if you are suffering from ill health or other health issues.

The three main marketing methods used by pension scammers:

  1. Internet marketing and online advertisements
  2. Newspaper adverts
  3. Radio adverts
  4. Billboards
  5. Mail shots
  6. Emails
  7. Text messages

 

How to cash in a pension? The real pension facts about your pension

Did you know the average pension pot size in the UK is £25,000? This is the same as the average UK salary also….However according to one of major pension companies in the UK, they state that over 30% of their pension  pots are actually below £10,000. So when we say ‘average’ it may be best to take this with a pinch of salt.

Those pension pots that are held with the leading pension providers may have other sources or retirement income, so the average pension of £25,000 may not sound a lot, but if clients have other sources of retirement incomes such as property or assets then all in all it is not too bad at all.  Also on top of this clients could also get a state pension income too.

Annuity rates in today’s world of pensions are still quite low. Imagine you want to cash in your pension early at 55 and you buy an annuity rate, then you could end up with C. £2,500 per year. It does not seem a lot does it?! If you want to know how to cash in your pension pot early then with a annuity rates being low you could find ourselves with a low pension pot.

Is it really a god idea to trying to find out how you can cash in my pension pot early: People are living longer

It is so true. People are now generally living a lot longer due to a healthier lifestyle, more exercise and the access to top notch drugs to help battle illness. So you really need to ask yourself; is it a good idea on how to cash in your pension early before 50.  If you have other useful assets that can help top up your pension pot fund then this will of course be very helpful and useful, and will help you make the decisions of wanting to know how to cash in a pension early that little bit easier.  When you buy an annuity it tends to mean that you can live longer, and the pension companies that sell annuity rates base this on a UK pension individual living to the age of 90 years of age.  This could be a good thing if you have an annuity and you live longer.

How to cash in a pension: make sure you now shop around

More and more UK pension holders are becoming more savvy when it comes to their pensions, and as a result of this more research is being conducted and more people are now shopping around for the best pension deal. There a ton of pension comparison sites now available on the internet that can help you look for the best annuity rates and pension returns. By shopping around you can increase your annuity income by more than 20%. So, imagine the next time you ask yourself; how to cash in your pension early? You should be asking; How much more cash will I now be getting?! You should feel pretty excited and comfortable knowing that the new pension rules can allow spending your pension cash on anything you want; you now have full control over this.

Those pension clients that bought an original pension annuity may be a disaster for annuity holders because they did not shop around for a good deal.

How to cash in your pension early, you employers may not help you

Back in the day the main reason pension employers wanted you to have a pension was because it would help them to remove older employees. This was the case way back in the nineteenth century, so quite a long time ago.  Introducing a company pension allowed employers to move staff on rather than actually struggle with this. If the company offers a decent pension then the chances you will take voluntary pension redundancy is quite high.

How to cash in a pension: After April I want to cash in my pension or cash your pension early

In April when the new rules for pensions was announced there was a lot of uncertainly and common questions that UK pension polices holder are confused about. One of those confusions is, in April under the new pension rules as a pension holder in the UK you had the option of taking the odd pension withdrawal as well as keeping your pension cash with your current UK pension provider.  So how much do I cash in? This is now really up to you as you have a host of options with the new pension rules available to you….

If you are worried about how to cash in your pension early and running out money, then it is a valid concern. You do have to plan very carefully for retirement as your pension may actually run out. According to the Office for National Statistics; Men are underestimating how long they live in retirement by up to 5 years. Women on the other hand predict that their life expectancy is up to 10 years. So plan and think carefully about your pension cash and how and when to cash it in!

How to cash in a pension? Who, how and when can I contact my pension provider:

If you would like more help or guide on how to cash in a pension then please feel free to use the contact form above, and we will try our best to help you. We can also provide you with pension provider numbers so you can locate your pension provider to get help on your pension policy.

How to cash in a pension

How to cash in a pension

 

How to cash in a pension

How to cash in a pension

How to cash in a pension

How to cash in a pension

Pension Release

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In accordance with the financial services and markets act 2000, Pension Services DOES NOT provide any financial advice on any products offered. Pension Services is not authorised by the financial conduct authority. Pension Services is an introducer to various companies who offer products here in the U.K. Pension Services recommends you seek independent financial advice if you require any clarification on any product offered.